14 June 2022 (closed)
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Wika Beton, a subsidiary of majority state-owned construction company Wijaya Karya, will sell over 20 percent of its enlarged capital in an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in the first quarter of 2014. The company, which has appointed Bahana Securities, Mandiri Sekuritas, Danareksa Sekuritas and Sucorinvest Central Gani to act as underwriters for the IPO, expects a 20 percent increase (yoy) in revenue to IDR 2.4 trillion in 2013, and targets a similar growth rate in 2014.
Being closely linked to the Indonesian government - as parent company Wijaya Karya is (for 65 percent) state controlled - Wika Beton is in a good position to benefit from the government's aim to increase efforts to develop the country's infrastructure. Indonesia is currently characterized by a lack of quality and quantity of infrastructure, thus blocking the economy from expanding at a faster pace and hollowing investor confidence (as logistic costs are high).
According to Wika Beton's website, the company owns seven factories in seven locations across Indonesia and is the country's major manufacturer and market leader of pre-cast concrete products.
By the third week of January 2014, four Indonesian companies have conducted an IPO on the Indonesia Stock Exchange (IDX), while one company has been re-listed. The IDX aims for 30 new listings in 2014. Last year, 31 companies were added to the IDX.